COVID-19 Federal Update May 22, 2020
Updated: Jun 9
As U.S. states and countries around the world look to boost their economies by loosening restrictions, coronavirus infections continue to spread, with more than a million new infections world-wide in less than two weeks.
Globally there are more than 5.1 million recorded cases of the coronavirus, up from 3.85 million two weeks ago, according to data compiled by Johns Hopkins University, and more than 333,000 deaths.
In the U.S., there have been nearly 1.58 million confirmed infections. The death toll reached 94,702, including 1,222 deaths recorded between 8 p.m. Wednesday and the same time Thursday, a Wall Street Journal analysis of Johns Hopkins data showed.
Reports out of Washington indicate there may be bi-partisan support to extend the eight-week statutory duration of the Paycheck Protection Program to 10 or 12 weeks.
Separately, the U.S. Treasury Secretary said there’s “strong likelihood” that additional federal intervention will be needed to help businesses and workers as states start to reopen and the economy struggles to stabilize.
The administration and many Republicans in Congress want to first gauge the effect of trillions of dollars already appropriated.
Updates on Administration COVID-19 Efforts (May 21, 2020)
USDA to Provide $1 Billion in Loan Guarantees for Rural Businesses and Ag Producers (HERE)
The U.S. Secretary of Agriculture announced the Department is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic.
USDA and USTR Announce Progress on Implementation of U.S.-China Phase One Agreement (HERE)
The U.S. Department of Agriculture (USDA) and the Office of the U.S. Trade Representative (USTR) announced progress in the implementation of the agriculture-related provisions of the U.S.-China Phase One Economic and Trade Agreement (The Agreement), which entered into force on February 14, 2020.
U.S. Department of Energy Announces $53 Million for Small Business Research and Development Grants (HERE)
The U.S. Secretary of Energy announced the Department of Energy will award 256 grants totaling $53 million to 211 small businesses in 35 states and the District of Columbia.
IRS Nationwide Tax Forums Go Virtual in 2020 (HERE)
The Internal Revenue Service announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July.
IRS.gov Helps Taxpayers Get Tax Information They Need; Find Tools for Filing, Paying, Checking Accounts and Answering Questions (HERE)
The Internal Revenue Service reminds taxpayers about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus.
U.S. Department of Labor Announces Rule to Better Deliver Retirement Plan Information Options (HERE)
The U.S. Department of Labor announced publication of a final rule that expands the ability of private sector employers to communicate retirement plan information online or by email.
The U.S. Department of the Treasury and U.S. Small Business Administration released new information regarding the Paycheck Protection Program:
The purpose of this Notice is to inform Paycheck Protection Program (PPP) Lenders of the reporting process through which PPP Lenders will report on PPP loans and collect the processing fee on fully disbursed loans which they are eligible to receive.